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The Conservation Fund Acquires 3,654-Acre Richmond Ranch at Discount
Richmond Ranch, a 3,654-acre property near San Jose, has been sold to The Conservation Fund (TCF), a nonprofit organization committed to preserving U.S. land and water. Z&L Properties, a China-based investor and developer of residential properties, sold the property for $16 million. Kidder Mathews’ Scott Vix, David Wientjes and Skip Whitney represented Z&L Properties.
Richmond Ranch is along Coyote Ridge, home to many endangered species, and has been a conservation priority for nonprofits and government agencies for many years. Z&L Properties sold the land at a discount of the appraisal value of $35 million.
Z&L expressed delight at working with TCF, placing profits as a secondary condition and help the new owner achieve their conservation goals, according to Kidder Mathews. The Gordon and Betty Morre Foundation and the Wildlife Conservation Network provided financial support for the purchase.
“Through the structure of the transaction, Z&L Properties has demonstrated their commitment to the conservation of open space and supporting the communities where they build housing,” said Vix.
- ◦Sale/Acquisition
